Explain What Management Is and Why It Is Important

question 22

Essay

Explain what management is and why it is important.

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Definitions:

Commercially Impracticable

A condition under the Uniform Commercial Code where performance of a contract is made excessively burdensome or expensive due to unforeseen events.

Supervening Event

An event that occurs after the parties have entered into a contract and significantly changes the circumstances, possibly excusing performance.

Additional Labor

Extra workforce employed to meet increased demand or to complete a specific project or task.

Material Breach

A significant failure to perform under a contract which permits the other party to either demand performance or terminate the agreement.